From Victor Osula, Abuja
The Federal Government has reiterated that no final decision has been announced on its forward crude oil sale by the Nigerian National Petroleum Company (NNPC) Limited.
Reports by Reuters on Tuesday indicated the collapse of a proposed oil deal between Nigeria and the Saudi Arabian oil company Aramco.
While the $5 billion Aramco loan would be backed by at least 100,000 barrels per day of oil, the report stated that the facility, said to be Nigeria’s largest oil-backed loan, is being threatened as banks expected to back the deal are raising concerns about a drop in crude oil price.
However, a statement signed on Thursday by Mohammed Manga, the Director of Information and Public Relations, the Federal Ministry of Finance, emphasised that no final decision has been announced by the Government, and commentary suggesting the collapse of the deal is unfounded.
According to the statement, “The Federal Government of Nigeria is aware of recent media reports concerning a potential forward sale of crude oil involving the Nigerian National Petroleum Company Limited (NNPC Ltd).
“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government, and commentary suggesting the collapse of any such initiative is unfounded.
“The Government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability.”
